If you are looking for a side hustle or a business that will thrive during the current times, you will find this post helpful.
What Is a Recession?
It can be defined as a temporary economic decline characterized by a drop in the GDP for two consecutive quarters.
Effects of a Recession in Real Life
These are the things that are likely to happen in a recession:
- Interest rates fall
- Discretionary spending declines
- Consumer confidence decreases
- The stock market falls
- Unemployment increases
But even then, here are some businesses that can thrive.
In the Great Recession, many people lost their homes, thanks to foreclosure. However, all of them still had to find another place to live. And so they started renting.
Mobile Notary Services
Interest rates decline during recessions and more people refinance. The demand for mobile notaries goes high as a result.
Remote Freelance Service/Virtual Assistant
Virtual hiring and remote work help companies cut costs to survive. So find a service you can offer remotely.
People seek to save money during a recession and they turn to thrifting. Try reselling your good clothes on eBay.
In an attempt to save money, people opt for alterations. If you know your way around a sewing machine, this could be profitable.
Flea Market Flipping
People looking for quick cash may be in a hurry to sell while others will want to save money by buying used.
This includes a YouTube channel, podcast or website. Focus on adding value to people and you can make money.
People will still need repairs and maintenance for their cars during a recession.
Resume and Cover Letter Writing
With high unemployment rates, job applicants will want their resumes to stand out.
Tutor people who are trying to improve their skills or learn new ones.
Traditional education is expensive for many people. So why not share your knowledge by creating an online course?
Many people may want to sell their land for quick money. You can buy from them and resell.
A recession means hard times. Instead of buying new stuff, more people choose to get handyperson services.
Food and Beverage
The need to eat and drink doesn’t go away even when times are tough. You could become a delivery driver.
People will be eating out less and cooking at home more. Create a knife sharpening business to help them.
This will most likely remain an essential business because parents still have to work.
Bookkeeping and Accounting
Business owners tend to pay more attention to their books when things get tough. And they will want the advice of a professional.
Commercial and retail settings have to maintain cleanliness at all times.
Pitch your smart product ideas to companies. You may land a great deal.
Professionally staged homes sell faster. So this is something that home sellers will invest in.
Storage Auction Units
Buy storage units on auctions. You never know what treasure you will find.